P&G has eliminated a sixth of Olay products that don’t fit with its antiaging focus

To rejuvenate its sagging Olay skin-care brand, Procter & Gamble Co. is trying to do more with less.

The Cincinnati, Ohio-based company recently eliminated a sixth of its Olay products, discontinuing items such as acne washes, facial scrubs and skin treatments that didn’t fit with the brand’s antiaging message or weren’t selling well. The culling reduced the number of Olay products in the U.S. to roughly 120, according to...